Bitcoin Price Passes $3,700 to Hit One-Month High

View Bitcoin jumped to one-month highs earlier today, validating the falling wedge breakout seen in the 4-hour chart on Friday.

The outlook as per the daily chart remains neutral, as the cryptocurrency is still trapped in a symmetrical triangle.

A symmetrical triangle breakout, if confirmed, would imply a bearish-to-bullish trend change on the daily chart.

Bitcoin's high-volume move to one-month highs could be the start of a stronger rally to above key resistance near $3,760.

With a move to levels above $3,700, bitcoin has also witnessed an inverse head-and-shoulders breakout on the 4-hour chart - indicating a bearish-to-bullish trend change - and has opened up upside toward $4,000.

On the way higher BTC could encounter stiff resistance near $3,760 - the upper edge of a contracting triangle carved out over the last eight weeks.

Notably, long positions are still down at least 7 percent from record highs above 40,000 BTC witnessed in March last year.

The odds of BTC confirming the contracting triangle breakout with a move above $3,760 appear high.

A bearish-to-bullish trend change on the daily chart would be confirmed if prices see a UTC close above the upper edge of the symmetrical triangle, currently at $3,760.

Bitcoin image via Shutterstock; charts by Trading View.